This might be worth knowing:
rom: Tim Williams [Add to Address Book]
To: OMHA-Tim Williams
Cc: Andrea Reichman , Elizabeth Birch , Brett Younkin , “Mansour, GGM LPA-John Monroe”
Subject: U.S. Congress passes escrow requirement for high priced MH loans effective October 1, 2010
Date: May 26, 2010 12:43 PM
U.S. Congress passes escrow requirement for high priced MH loans effective October 1, 2010
Regulation Z (Truth in Lending) which was adopted under the Home Ownership and Equity Protection Act (HOEPA) , largely following the Housing Recovery Act of 2008 passed by the U. S. Congress, enhances regulations regarding self-finance for manufactured housing effective October 1, 2010.
The rule establishes a new category of “higher-priced mortgages” that includes virtually all closed-end subprime loans secured by a consumer’s principal dwelling. Which loans qualify as “higher-priced” will be determined by a new index that will be published by the Federal Reserve Board.1
The rule, for these